Metro Pacific profit up 13% on year at $43.3 mln

CrisLarano

MANILA--Philippine conglomerate Metro Pacific Investments Corp.'s (MPI.PH) first-quarter net profit rose 13% from a year earlier, boosted by a the strong performances of its power-distribution, water-utility and tollroad operations.

Net profit for the three months ended March 31 was 1.77 billion Philippine pesos ($43.3 million), up from PHP1.57 billion a year earlier, the company said Wednesday. Group revenue rose to PHP7.37 billion from PHP6.67 billion.

President Jose Lim said in a statement that sales volumes at the group's water- and electricity-distribution units experienced a "significant uptick in April."

Metro Pacific controls Manila Electric Co. (MER.PH), the country's largest power distributor, which serves an area that accounts for half of the country's gross domestic product.

It also controls Maynilad Water Services Inc., one of the water concessionaires in the Philippine capital, Metro Pacific Tollways Corp., and several hospitals.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.